How Can Cryptocurrency Enhance the Creator Economy?
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People watch over 1 billion hours of videos on YouTube every day. YouTube creators, the heart and soul of the platform, rely on sponsorships and ad revenue to succeed. With rapid expansion and interest surrounding cryptocurrency micropayments, it will be easy to directly support your favorite creators. With direct payments, creators would not need to rely on corporations to finance their content creation, essentially bringing the world of digital currency into the creator economy.
Cryptocurrency has the potential to enhance the digital world with less commitment, more inclusivity, quicker processing, heightened security, and potentially, a higher conversion rate attributable to streamlined payment processing platforms. Cryptocurrency would provide a way for fans to directly pay their favorite content creators quickly. Why rely on a paycheck from Youtube when your followers could directly show their support to your channel? I think it’s inevitable that we start cutting out the middleman more to facilitate peer-to-peer transactions.
In 2019, e-commerce reached $3.35 trillion in worldwide sales. These sales are projected to grow to $6.38 trillion by 2024. Blockchain technology opens the door to further monetization through crowdfunded income, contests with smart contracts, or creators launching their own tokens. It’s only a matter of time before cryptocurrency outpaces traditional payments.
Ideally, worldwide digital payments would be just as easy as watching a video, and blockchain technology has the potential to make that a reality. We’re about to experience a more competitive financial market as money shifts into the digital economy and cryptocurrencies continue to expand in the new age of the creator economy.
How comfortable would you be to send your favorite influencers and content creators support via crypto payments?
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